现货走强后偏弱调整，期货或重回震荡区

Report Industry Investment Rating No relevant content provided. Core View of the Report - Spot peanuts are expected to maintain a high - level and slightly weak adjustment in the short term, and the futures price may return to the oscillation area. The strategy should mainly treat it as range - bound. Pay attention to the price performance at both ends of the 8000 - 8500 range for the 10 - contract [6]. Summary According to the Directory 1. Main View - This week, peanut prices in various producing areas reached a high and then slightly declined. Traders in Henan and Northeast China were cautious in high - price purchases, and the trading volume was light. The domestic market demand was flat, and the consumption progress of goods was slow. The arrival volume of imported peanuts decreased significantly compared with the same period. Oil mills were in the process of ending purchases, and the peanut oil market would end steadily. Domestic demand has not recovered, and there is a lack of trading volume to support price increases. However, due to the decreasing supply at the grass - roots level in producing areas and low inventory levels, prices are also difficult to fall sharply in the short term [6]. 2. Market Review - 2.1 This month: The peanut weighted index briefly broke through the range, but the buyer's power was weak, and attention should be paid to the trading volume when the price pulls back. The price of the oilseed sector remained in a narrow - range oscillation, and attention should be paid to the direction of the breakthrough [8]. - 2.2 2510 contract: The upward price increase of the 10 - main contract slowed down, and attention should be paid to the price pull - back situation [11]. 3. Fundamental Analysis - 3.1 Oil mill inventory and operating rate: The weekly inventory of peanut oil was 40,100 tons, a decrease of 200 tons from the previous month. The operating rate of oil mills was 8.42%, a decrease of about 3.1% compared with the previous week [14]. - 3.2 Peanut general price (Baisha): The prices in the main producing areas of Northeast and Henan continued to be strong and then slowed down in their upward trend [18]. - 3.3 Peanut oil price trend: The average price of first - grade ordinary peanut oil in the main producing areas this week was 14,950 yuan/ton, basically the same as last week [21]. - 3.4 Peanut meal price trend: The price of peanut meal was weakly oscillating this week, while rapeseed meal and soybean meal were oscillating upwards [25]. - 3.5 Imported peanut quantity and price: There were few imported peanuts. The supply of Sudanese refined peanuts was limited, and no new peanuts had arrived at the port. The import price was rising strongly. The procurement of Senegalese peanuts was limited [29]. - 3.6 Market price index compared with last month: In the wholesale market, the overall peanut price was mainly negotiated, and the overall transaction price was relatively stable [34]. 4. Spread Tracking - 4.1 Basis spread: No specific analysis content was provided, only the data range of the basis spread was given [35].